Astros top 50 moments: Crane buys team from McLane

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The moment: Major League Baseball approves the sale of the Astros from Drayton McLane to Jim Crane on Nov. 17, 2011, ushering in the fifth different era of ownership in Houston heading into the franchise’s 50th anniversary season.

The moment behind the moment: During the 2008 season, Crane approached McLane about buying the team. The talks became so serious that McLane thought he had a “handshake” agreement to sell the Astros to Crane after the season ended. The team had gone so far as to prepare a news release announcing the sale. “We had a tentative deal,” McLane said in 2009 when he finally admitted the team had been on the block after a year of denying it.

But Crane abruptly changed his mind and broke off discussions. McLane’s associates said he was furious.

The two didn’t speak for a year as Crane went on to pursue the Chicago Cubs and the Texas Rangers.

“The first day or two, I was really disappointed, “ McLane said later about the failed sale. “That was a deal he wanted to do. The first few times I was approached, I wasn’t interested. But I don’t hold grudges.”

The pair even issued a joint statement in December of 2009 that basically said “no hard feelings,” although McLane said not to take it as a sign the talks would start again. “I don’t think that’s anything I’d have an interest in, “ McLane said. “I’m not sure Jim would have any interest.”

But by November of 2010 the Astros were officially on the block again, and Crane was leading a group for a second bid. A deal was struck for $680 million in May, but didn’t get the MLB seal of approval until a lengthy approval process for Crane and negotiations over Houston’s move to the American League.

The deal was finally approved last November with Crane paying $610 million — getting a $70 million discount from MLB to move the team to the AL — and MLB chipping in $35 million to McLane.